Spotted gazing at the Manhattan skyline in the 1980s, Harry Helmsley was asked what he was doing. His reply: “Just taking inventory.” A generation later, skyscrapers remain the ultimate trophies for New York’s real estate elite, but one asset class now comes a close second: art.
Some of the city’s biggest developers are avid art collectors, putting the same dedication into acquiring a Rothko or a Koons that they would into buying a Park Avenue tower. This month, The Real Deal took a close look at some of the industry moguls with notable art collections, in the cover story for our August issue, now available online.
While social media may now be part of every New York City residential firm’s arsenal, the question of whether it is effective still remains. This month, we took a deep dive into metrics that measure social media success and see which firms came out on top.
Family-run development firms have forever dominated the industry, but these days major institutional players and real estate investment trusts are trying to elbow them out of the way. We took a look at how four storied New York City family real estate dynasties — the Rudins, Dursts, Speyers and Malkins — are reinventing themselves and fighting to stay in the game.
There’s heaps more in this issue, including a profile of American Realty Capital’s new CEO Glenn Rufrano, the struggles that cash-heavy firms face when scoping out investments, and the curious phenomenon of buyers bidding on apartments they don’t even want.
Finally, in the Closing interview, developer Joshua Muss talks about his most troublesome project and Donald Trump’s explosive presidential campaign.
To read the issue, click here or on the magazine tab on the top left of the homepage. Enjoy! — Hiten Samtani